Every savings and loan association organized under the laws of
this state shall make, as of the thirty-first day of December and the thirtieth
day of June of each year, a report of the affairs and business of the
association for the preceding half year, showing its financial condition at the
end thereof. The statement as of the thirty-first day of December shall be the
annual statement of the association. The superintendent of financial
institutions may also require monthly reports.

The superintendent may, by written order mailed to the managing
officer of such an association, require any association to submit to the
superintendent within a reasonable time specified in the written order a report
concerning its real estate and other assets, other than the appraisals required
by section
1151.54 of the Revised Code.

Any such association refusing or neglecting to file any report
required by this section within the time specified shall forfeit one hundred
dollars for every day that such default continues unless such penalty, in whole
or in part, is waived by the superintendent. The superintendent may maintain an
action in the name of the state to recover such forfeiture which, upon its
collection, shall be paid into the state treasury to the credit of the savings
institutions fund established under section
1181.18 of the Revised Code.

Every such association shall maintain adequate, complete, and
correct accounts and shall observe such generally accepted accounting
principles and practices or generally accepted auditing standards, as the
superintendent prescribes. The superintendent shall demand once a year, and at
the expense of the association, that its accounts be audited by an independent
auditor. A copy of the audit report shall be submitted to the board of
directors of the association and filed, together with management's response,
with the superintendent within thirty days after presentation of the completed
report to the board or not later than the thirty-first day of March of the year
next succeeding the year for which the audit was conducted, whichever occurs
first, unless the time is extended by the superintendent.

At the conclusion of the audit of an association, an
independent auditor shall attend a meeting at which there are present only the
outside directors of the association or a committee comprised of and appointed
by such outside directors and fully disclose at that time to those directors
all audit exceptions that developed during the audit and all relevant data and
information concerning the financial condition, investment practices, and other
financial policies and procedures of the association. The meeting shall be held
at a time and place that is agreed upon by the independent auditor and the
outside directors or their committee. A complete record of the proceedings of
the meeting shall be kept in a minute book that is maintained solely for the
purpose of keeping such records. Nothing in this paragraph shall be construed
to prevent the independent auditor from meeting at other times with inside
directors, officers, or employees of the association.

The superintendent may prescribe a schedule for the
preservation and destruction of books, records, certificates, documents,
reports, correspondence, and other instruments, papers, and writings of such an
association, even if such association has been liquidated pursuant to law. An
association may dispose of any books, records, certificates, documents,
reports, correspondence, and other instruments, papers, and writings which have
been retained or preserved for the period prescribed by the superintendent
pursuant to this paragraph. The requirements of this paragraph may be complied
with by the preservation of records in the manner prescribed in section
2317.41 of the Revised Code.